广告与R&D投资
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摘要
广告与R&D投资是两种联系非常紧密的企业投资行为，企业通过R&D投资提升企业产品质量，通过广告宣传向消费者传递产品信息。广告与R&D投资都是企业提升无形资产的主要手段。基于资本市场同产品市场存在必然联系的事实可推知，企业债务融资行为会影响其广告与R&D投资。因此本文以布莱德、莱维斯和萨顿的产业组织理论为基础，深入系统地研究了企业负债对其广告与R&D投资行为的影响以及广告与R&D投资行为之间的关系。
通过文献分析，梳理研究脉络、概括研究理论、提炼研究主题并形成研究思路。本文的研究思路是，依据理论建立模型，通过模型推导和分析得出研究命题，随后用我国A股上市公司数据对理论命题进行经验验证，得出最终研究结论。
研究结果显示：（1）企业负债影响其广告与R&D投资行为。总体而言，负债对基于短期效益的广告投资产生刺激效应，对基于长期效益的R&D投资产生抑制效应；（2）流动性负债对广告投入刺激效应更明显，而非流动性负债对R&D投资的刺激效应更明显；（3）制造业与非制造业企业广告与R&D投资者行为存在明显差异。制造业企业广告与R&D投资替代弹性低，因而两者之间存在互补关系。非制造业企业广告与R&D投资替代弹性高，因而两者之间存在替代效应；（4）制造业行业内企业广告与R&D投资行为较为均衡，非制造业企业广告与R&D投资行为差异大。制造业企业更倾向于R&D投资，说明其R&D投资边际收益率高，非制造业更偏好于广告投入，说明其广告投资边际收益率高。
本研究补充和发展了布莱德、莱维斯和萨顿等人的产业组织理论，一方面将布莱德和莱维斯的理论拓展至广告与R&D投资行为，另一方面细化了萨顿关于广告与R&D投资的理论，并且所得研究结论对企业发展具有重要参考价值和指导意义。
As Sutton (1991) told us that there is interrelation between advertising investment and R&Dinvestment and both of them elevate intangible assets of the firm. Firm invests R&D to improvethe quality of its products and then uses advertising to send the information of its products to theconsumers. Besides, Brander and Lewis (1986) argued that product markets and financialmarkets have significant linkage. So based on Brander and Lewis (1986) and Sutton’s (1991)theory, this study investigates the relationships between debts, advertising and R&D investment.
We establish our framework after reading and researching other studies carefully. Firstly, weframe our theory model based on the theory of Brander, Lewis (1986) and Sutton (1991). Then,we obtain our propositions by model analysis. After that, we employ China’s A-share listedcompanies’data to test and verify the propositions and acquire our final conclusions.
The main conclusions of this study are summarized as follows. Firstly, debt both hasstimulating and inhibitory effects, which stimulates advertising investment while inhibits R&Dinvestment for the different targets of advertising and R&D investment. Secondly, currentliability motivates advertising and Nun-current liability heightens R&D investment, generally.Thirdly, advertising is complementary with R&D in manufacture industrial but substitute withR&D in non-manufacture because the investment elasticity of advertising and R&D is low inmanufacture industries while high in non-manufacture industries. Fourthly, manufacture firmhighlights R&D investment but non-manufacture firm prefer to advertising investment whichmeans the marginal profit ratio of R&D investment is high in manufacture industriesbut the marginal profit ratio of advertisement investment is high in non-manufacture industries.Furthermore, the difference of advertising and R&D investment is large between manufacturefirms but small between non-manufacture firms.
This study both has theoretical and practical values. The conclusions of this paper promotethe development of the theory of industrial organization and they can also be regarded asguideline for firms.
通过文献分析，梳理研究脉络、概括研究理论、提炼研究主题并形成研究思路。本文的研究思路是，依据理论建立模型，通过模型推导和分析得出研究命题，随后用我国A股上市公司数据对理论命题进行经验验证，得出最终研究结论。
研究结果显示：（1）企业负债影响其广告与R&D投资行为。总体而言，负债对基于短期效益的广告投资产生刺激效应，对基于长期效益的R&D投资产生抑制效应；（2）流动性负债对广告投入刺激效应更明显，而非流动性负债对R&D投资的刺激效应更明显；（3）制造业与非制造业企业广告与R&D投资者行为存在明显差异。制造业企业广告与R&D投资替代弹性低，因而两者之间存在互补关系。非制造业企业广告与R&D投资替代弹性高，因而两者之间存在替代效应；（4）制造业行业内企业广告与R&D投资行为较为均衡，非制造业企业广告与R&D投资行为差异大。制造业企业更倾向于R&D投资，说明其R&D投资边际收益率高，非制造业更偏好于广告投入，说明其广告投资边际收益率高。
本研究补充和发展了布莱德、莱维斯和萨顿等人的产业组织理论，一方面将布莱德和莱维斯的理论拓展至广告与R&D投资行为，另一方面细化了萨顿关于广告与R&D投资的理论，并且所得研究结论对企业发展具有重要参考价值和指导意义。
As Sutton (1991) told us that there is interrelation between advertising investment and R&Dinvestment and both of them elevate intangible assets of the firm. Firm invests R&D to improvethe quality of its products and then uses advertising to send the information of its products to theconsumers. Besides, Brander and Lewis (1986) argued that product markets and financialmarkets have significant linkage. So based on Brander and Lewis (1986) and Sutton’s (1991)theory, this study investigates the relationships between debts, advertising and R&D investment.
We establish our framework after reading and researching other studies carefully. Firstly, weframe our theory model based on the theory of Brander, Lewis (1986) and Sutton (1991). Then,we obtain our propositions by model analysis. After that, we employ China’s A-share listedcompanies’data to test and verify the propositions and acquire our final conclusions.
The main conclusions of this study are summarized as follows. Firstly, debt both hasstimulating and inhibitory effects, which stimulates advertising investment while inhibits R&Dinvestment for the different targets of advertising and R&D investment. Secondly, currentliability motivates advertising and Nun-current liability heightens R&D investment, generally.Thirdly, advertising is complementary with R&D in manufacture industrial but substitute withR&D in non-manufacture because the investment elasticity of advertising and R&D is low inmanufacture industries while high in non-manufacture industries. Fourthly, manufacture firmhighlights R&D investment but non-manufacture firm prefer to advertising investment whichmeans the marginal profit ratio of R&D investment is high in manufacture industriesbut the marginal profit ratio of advertisement investment is high in non-manufacture industries.Furthermore, the difference of advertising and R&D investment is large between manufacturefirms but small between non-manufacture firms.
This study both has theoretical and practical values. The conclusions of this paper promotethe development of the theory of industrial organization and they can also be regarded asguideline for firms.
引文
1反转中断效应是指，企业在采用新技术时，通常会出现短期的产量降低或生产推迟现象，这将降低企业销售收入或延迟企业可获得的租金，这种收入的降低和租金的延迟就是企业采取新技术的机会成本，垄断势力越强，机会成本越高。
2Sutton, J.(1991): Sunk Costs and Market Structure: Price Competition, Advertising, and the Evolution ofConcentration, MIT Press Books, The MIT Press. Sutton, J.(1998): Technology and Market Structure:Theory and History, MIT Press Books, The MIT Press.
3资料来源于MBA智库百科（http://wiki.mbalib.com/wiki/MM%E6%A8%A1%E5%9E%8B）。
4来源于Sutton(2007)文章“Market Structure: Theory and Evidence”，载于产业组织手册第三卷第35章。
5效用函数表达式与Nie和Chen（2011）关于企业创新研究的消费者效用类似，不同之处在于此处增加了表示广告拓展效用的函数g(a)，且g(a)为凹函数，这样便能很好保证消费者效用函数的凹性。
6市场份额函数表达式借鉴了Baye（2009）的研究：Baye M.R., Morgan J.,“Brand and Price Advertisingin Online Markets, Marketing Science”, Vol.55, No.7, July2009, p.1141.
7所谓A股正常上市公司，即所有股票代码以6或0开头，且没有“*”或“ST”等标识的沪深两市正常盈利的上市公司。
8后续章节实证数据处理过程基本类似。
9关于广告费与宣传费相关法规作了明确的规定：一是广告必须通过由工商行政管理局批准具有广告资质的单位制作广告；二是必须取得由广告制作商开具的发票；三是所制作的广告必须通过媒体诸如电视台、报刊杂志等发布；四是该广告已经通过媒体发布。而业务宣传费具体表现在以下几方面：一是国家不允许进行广告宣传的行业诸如粮食白酒行业、烟草行业为了提高企业知名度而进行赞助活动或倡导社会风气以企业的名义进行的公益广告费用；二是印制宣传企业产品和形象的纪念品费用等。10上市公司年报数据中并没有主营业务收入科目，主营业务收入通常为营业总收入减除其他业务收入。而本研究在数据收集过程中发现所含样本仅有少数公司有其他业务收入，且相对于营业总收入数值很小，因此研究过程直接采用营业总收入数据。
11由于无法获得同行业其他非上市公司数据，因此计算所得企业市场份额数据同真实数据有一定的差异，具体表现为上偏。但由于这种偏差是系统性的，因此对研究结果并无太大影响。
12数据收集过程中发现有些公司曾经发生过兼并重组，此类公司的设立时间则以兼并重组的时间为准。13采用证监会行业分类标准是因为所下载数据即已经按照证监会行业分类标准进行了行业分类。14R&D投资成本函数参考Liu and Wang (2011), Sacco and Schmutzer (2011), Chen and Nie (2012)等人的研究。
15无形资产是指企业拥有或者控制的没有实物形态的可辨认的非货币性资产，主要包括专利权、非专利技术、商标权、著作权、土地使用权、特许权等。该定义参考MBA智库中关于无形资产的定义http://wiki.mbalib.com/wiki/%E6%97%A0%E5%BD%A2%E8%B5%84%E4%BA%A7#_note-.
16具体内容请参阅Brander, J. A. and Lewis, T. R.1986.“Oligopoly and Financial Structure: The LimitedLiability Effect,” The American Economic Review,76(5), pp:958.
17该效用函数形式参考了泰勒尔的《产业组织理论》，人民大学出版社1997，pp.133和Armstrong andPorter, R. H.,“Hand Book of Industrial Organization”,2007, p.1751.18成本函数在Liu and Wang (2011), Sacco and Schmutzer (2011), Chen and Nie (2012)等人研究基础上，稍有调整。19同前文，即第3、4章分析类似，我们忽略时间因素。假设企业广告、R&D投资决策几乎同产出决策同时进行。
20多数关于企业广告也R&D投入研究的文献基本都选择密度数据，因为密度数据不受企业规模因素影响，相对于绝对投资额数据更准确。为简练研究，本章仅采用密度数据。
21关于企业绩效的衡量指标的选取很多，各不同指标都有相对的优点和缺点，对于各指标的好坏学术界没有一致的定论。
22个别行业除外，制造业细分行业中食品饮料、纺织服装和木材家具行业有广告投资的企业数量高于有R&D投资的企业数量，而非制造业细分行业中的采掘业发生R&D投资的企业数量高于发生广告投资的企业数量。23如沃尔玛除销售其他生产商产品之外，同时销售自由品牌Great Value、Mainstays和Simply Basic系列产品。详情请见：http://www.wal-martchina.com/promotion/pb/index.htm。24产品间的替代关系由广告的竞争效应体现。
25请参阅Karray和Zaccor（2006）、Xie和Wei (2009)、Yan（2010）和Zhang和Xie（2012）的研究，其基本模型类似。26如果销售商边际收益比生产商边际收益大，那么实力强的生产商会选择并购销售商，以获取销售过程利润最大化。27补贴率谈判问题的详细分析参见Huang和Li（2002）的研究，本文对之不做分析。28但该结论的实证研究没有很好地支持理论命题，关于两者更为准确的结论还需进一步的深入研究。
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2Sutton, J.(1991): Sunk Costs and Market Structure: Price Competition, Advertising, and the Evolution ofConcentration, MIT Press Books, The MIT Press. Sutton, J.(1998): Technology and Market Structure:Theory and History, MIT Press Books, The MIT Press.
3资料来源于MBA智库百科（http://wiki.mbalib.com/wiki/MM%E6%A8%A1%E5%9E%8B）。
4来源于Sutton(2007)文章“Market Structure: Theory and Evidence”，载于产业组织手册第三卷第35章。
5效用函数表达式与Nie和Chen（2011）关于企业创新研究的消费者效用类似，不同之处在于此处增加了表示广告拓展效用的函数g(a)，且g(a)为凹函数，这样便能很好保证消费者效用函数的凹性。
6市场份额函数表达式借鉴了Baye（2009）的研究：Baye M.R., Morgan J.,“Brand and Price Advertisingin Online Markets, Marketing Science”, Vol.55, No.7, July2009, p.1141.
7所谓A股正常上市公司，即所有股票代码以6或0开头，且没有“*”或“ST”等标识的沪深两市正常盈利的上市公司。
8后续章节实证数据处理过程基本类似。
9关于广告费与宣传费相关法规作了明确的规定：一是广告必须通过由工商行政管理局批准具有广告资质的单位制作广告；二是必须取得由广告制作商开具的发票；三是所制作的广告必须通过媒体诸如电视台、报刊杂志等发布；四是该广告已经通过媒体发布。而业务宣传费具体表现在以下几方面：一是国家不允许进行广告宣传的行业诸如粮食白酒行业、烟草行业为了提高企业知名度而进行赞助活动或倡导社会风气以企业的名义进行的公益广告费用；二是印制宣传企业产品和形象的纪念品费用等。10上市公司年报数据中并没有主营业务收入科目，主营业务收入通常为营业总收入减除其他业务收入。而本研究在数据收集过程中发现所含样本仅有少数公司有其他业务收入，且相对于营业总收入数值很小，因此研究过程直接采用营业总收入数据。
11由于无法获得同行业其他非上市公司数据，因此计算所得企业市场份额数据同真实数据有一定的差异，具体表现为上偏。但由于这种偏差是系统性的，因此对研究结果并无太大影响。
12数据收集过程中发现有些公司曾经发生过兼并重组，此类公司的设立时间则以兼并重组的时间为准。13采用证监会行业分类标准是因为所下载数据即已经按照证监会行业分类标准进行了行业分类。14R&D投资成本函数参考Liu and Wang (2011), Sacco and Schmutzer (2011), Chen and Nie (2012)等人的研究。
15无形资产是指企业拥有或者控制的没有实物形态的可辨认的非货币性资产，主要包括专利权、非专利技术、商标权、著作权、土地使用权、特许权等。该定义参考MBA智库中关于无形资产的定义http://wiki.mbalib.com/wiki/%E6%97%A0%E5%BD%A2%E8%B5%84%E4%BA%A7#_note-.
16具体内容请参阅Brander, J. A. and Lewis, T. R.1986.“Oligopoly and Financial Structure: The LimitedLiability Effect,” The American Economic Review,76(5), pp:958.
17该效用函数形式参考了泰勒尔的《产业组织理论》，人民大学出版社1997，pp.133和Armstrong andPorter, R. H.,“Hand Book of Industrial Organization”,2007, p.1751.18成本函数在Liu and Wang (2011), Sacco and Schmutzer (2011), Chen and Nie (2012)等人研究基础上，稍有调整。19同前文，即第3、4章分析类似，我们忽略时间因素。假设企业广告、R&D投资决策几乎同产出决策同时进行。
20多数关于企业广告也R&D投入研究的文献基本都选择密度数据，因为密度数据不受企业规模因素影响，相对于绝对投资额数据更准确。为简练研究，本章仅采用密度数据。
21关于企业绩效的衡量指标的选取很多，各不同指标都有相对的优点和缺点，对于各指标的好坏学术界没有一致的定论。
22个别行业除外，制造业细分行业中食品饮料、纺织服装和木材家具行业有广告投资的企业数量高于有R&D投资的企业数量，而非制造业细分行业中的采掘业发生R&D投资的企业数量高于发生广告投资的企业数量。23如沃尔玛除销售其他生产商产品之外，同时销售自由品牌Great Value、Mainstays和Simply Basic系列产品。详情请见：http://www.wal-martchina.com/promotion/pb/index.htm。24产品间的替代关系由广告的竞争效应体现。
25请参阅Karray和Zaccor（2006）、Xie和Wei (2009)、Yan（2010）和Zhang和Xie（2012）的研究，其基本模型类似。26如果销售商边际收益比生产商边际收益大，那么实力强的生产商会选择并购销售商，以获取销售过程利润最大化。27补贴率谈判问题的详细分析参见Huang和Li（2002）的研究，本文对之不做分析。28但该结论的实证研究没有很好地支持理论命题，关于两者更为准确的结论还需进一步的深入研究。
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